John Lewis ventures into wealth management

John Lewis store in St James

The plan is to extend beyond retail (pic: Terry Murden)

John Lewis Partnership is venturing into wealth management as it seeks ways of generating more revenue beyond its retail business.

It has teamed up with digital investments firm Nutmeg to offer three ethical products – a junior ISA, a general investment account and a stocks and shares ISA.

Its financial services offerings already include home insurance and retail credit.

The group, which owns the John Lewis department store chain and supermarket chain Waitrose, has made the move in response to the impact of the pandemic on its operations.

That prompted the launch of a £1 billion recovery plan announced last October by chairman Sharon White which pointed to diversification of the business.

It is targeting 40% of its profits to come from outside retail by 2030.

Last month John Lewis said it would build 10,000 rental homes in the next decade with half of them being developed on its existing estate.

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